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Romney's Retirement Account Worth Millions -- Report Romney's Retirement Account Worth Millions -- Report

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The Trail: 2012 Presidential News from the Field

campaign 2012

Romney's Retirement Account Worth Millions -- Report

Mitt Romney is going to have a very comfortable retirement.

The former Massachusetts governor has between $20.7 million and $101.6 million in his individual retirement account, The Wall Street Journal reports. The staggering size of the IRA can likely be attributed to investments in the private equity firm Bain Capital, which Romney co-founded, the paper reported.

 

The majority of Romney's contributions to the account were likely made in pretax dollars. The account produced income between $1.5 million and $8.5 million from early 2010 until mid-August last year, The Journal reported. Federal law lets individuals defer paying taxes on money invested in IRAs until that money is withdrawn.

Romney’s wealth has been subject to attacks from Republican hopefuls and Democrats alike. On Tuesday, Romney revealed that his income tax rate was around 15 percent, lower than that of many middle-class Americans. A $10,000 bet with Texas Gov. Rick Perry also drew charges that Romney was out of touch with the financial struggles of average Americans, as did Romney's description of his speaking fees as “not very much” money, even though he reportedly made more than $350,000 in one year off speaking engagements. It has also been reported that Romney has millions in offshore funds.

The GOP hopeful's campaign has stressed that Romney followed tax laws. Under such laws, Romney will be required to begin withdrawing the IRA funds in 2017, when he reaches 70.5 years old, according to The Journal.

 

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